In 2025-26, exports reached an all-time high of USD 863.11 billion, registering an increase of 4.6 per cent year-on-year, despite global economic uncertainties, including high US tariffs, the ongoing Russia-Ukraine war and the West Asia crisis, he said.
Merchandise exports grew 0.93 per cent to USD 441.78 billion in the last fiscal year from USD 437.70 billion in 2024-25.
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Services shipments too surged to an all-time high of USD 421.32 billion in 2025-26, compared to USD 387.55 billion in 2024-25, recording a growth of 8.71 per cent.
“This year, let’s aspire for a USD 1 trillion exports target. It’s possible,” he said at an event here.
The minister said that taking from USD 863 billion to USD 1 trillion needs USD 137 billion, which is a 16-17 per cent growth.The minister added that India is opening doors and is providing preferential market access for Indian goods and services through a number of free trade agreements (FTAs).
India has finalised nine FTAs since 2021. These are with Mauritius, UAE, Australia, Oman, New Zealand, EU, UK and EFTA bloc. A framework for an interim trade agreement with the US has also been finalised.
“Four of which (FTAs) are already operational and another 5 will be operational in the next 12 months,” Goyal said.
Trade pacts with Mauritius, the UAE, Australia, and the European Free Trade Association (EFTA) bloc have been operationalised so far.
The minister said that India is also negotiating FTAs with a number of other countries.
“…today, I met two ministers from two different countries, Chile and Maldives, both of which agreements are stated to be completed before the end of this year,” he said, adding that India is also in active dialogue with Canada, Israel, the Gulf Cooperation Council (GCC), and Russia-led Eurasian Economic Union (EAEU).
“We are also planning to start talking to Mexico. We will soon start a conversation with the Southern African Customs Union (SACU). We are trying to expand the Mercosur (Argentina, Brazil, Paraguay, Uruguay) preferential trade agreement (PTA) to a much more robust trading arrangement,” he added.
Goyal said that the world is looking to work and tarde with India as the country provides huge market and a talented workforce.
On FTA utilisation, he said the commerce ministry on Wednesday held a virtual meeting with over 1,100 participants, including industry associations, to apprise them of the benefits of these agreements.
The exercise is aimed at increasing awareness among small and micro units in the remotest corners of India to improve utilisation of the benefits under free trade agreements.